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BHPBill -- EUR2 Billion Bond priced
BHPBill has priced a three tranche Euro denominated bond under its Euro Medium Term Note Programme.
The Euro bond issue comprises EUR600 million Floating Rate Notes due 2020 paying interest at 3 month Euribor plus 35 basis points, EUR650 million 0.750% bonds due 2022 and EUR750 million 1.500% bonds due 2030.
The proceeds will be used for general corporate purposes.
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BHPBill -- Operational Review
BHPBill Operational Review for the Nine Months Ended 31 March 2015
Highlights:
- Group production increased by 9% for the nine months ended March 2015 with records achieved for 10 operations and five commodities. We remain on track to deliver Group production growth(1) of 16% over the two years to the end of the 2015 financial year.
- Petroleum production increased by 6% to a record 193 MMboe supported by a 76% increase in Onshore US liquids volumes to 40.2 MMboe. Guidance for the 2015 financial year remains unchanged at 255 MMboe.
- Copper production(2) increased by 2% to 1.3 Mt as strong underlying operating performance at Escondida more than offset the impacts of severe weather in Northern Chile, lower grades at Antamina and a mill outage at Olympic Dam. Production for the 2015 financial year is now expected to be 1.7 Mt.
- Western Australia Iron Ore (WAIO) production increased by 16% to a record 188 Mt (100% basis) underpinned by continued improvements in our integrated supply chain. WAIO production for the 2015 financial year is now expected to be 250 Mt (100% basis). The potential of our installed infrastructure continues to exceed expectations and as a result we are deferring the Inner Harbour Debottlenecking project. While this will lead to a slower path to system capacity of 290 Mtpa, it will come at a lower capital cost.
- Metallurgical coal production increased by 14% to 38 Mt and reflected record volumes at both Queensland Coal and Illawarra Coal. Production for the 2015 financial year is now expected to be 49 Mt.
Major development projects
The BMA Hay Point Stage Three Expansion project loaded first coal during the March 2015 quarter, on revised
schedule and budget, and will not be reported in future Operational Reviews. At 31 March 2015, BHPBill had six
major projects under development with a combined budget of USD12 billion.
Corporate update
On 17 March 2015, the BHPBill Board recommended shareholders approve the proposed demerger of South32 at the shareholder meetings to be held on 6 May 2015. The Board believes that with a more focused portfolio, BHPBill will be better placed to achieve further productivity benefits in its core portfolio, while creating a substantial new company, South32. The proposed demerger would be effected via a distribution of South32 shares by way of an in- specie dividend to shareholders in both BHP Billiton Ltd. and BHPBill. Eligible BHP Billiton shareholders will receive one South32 share for every BHP Billiton share held on the applicable record date.
On 19 March 2015, the Group priced a five year AUD1 billion note issue under its Australian Medium Term Note Program which will pay interest at three per cent and mature in March 2020. The proceeds will be used for general corporate purposes.
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BHPBill - South32 board appointments
BHPBill has announced four additional appointments to the Board of Directors of South32. These Non-executive Director appointments are subject to shareholder approval for its proposed demerger of global metals and mining company South32.
The new Non-executive Director appointments are Frank Cooper, Peter Kukielski, Futhi Mtoba and Wayne Osborn. They will join the Chairman Elect, David Crawford and the three previously announced Board members, Graham Kerr (Chief Executive Officer Elect and Executive Director), Keith Rumble (Independent Non-executive Director) and Xolani Mkhwanazi (Non-executive Director).
The initial composition of the South32 Board following the proposed demerger will reflect a range of geographical backgrounds including Australia, South Africa and the United Kingdom.
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BHPBill -- Director Declaration
In accordance with UK Listing Rule 9.6.14,BHPBill advised that Jac Nasser, Chairman of the BHP Billiton Group, has been appointed to the Board of Koç Holding A.?. with immediate effect.
Full details of Mr Nasser’s current and former directorships of other companies are contained within his biography available at www.bhpbilliton.com.
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